Item 9a Supp
ITEM NO. 9a Supp-1 DATE OF MEETING May 19, 2009 2009 Q1 Financial Performance Port of Seattle May 19, 2009 Portwide Income Summary 2008 YTD 2009 YTD 2009 YTD 2009 Bud vs. Act ($ in thousands) Actual Actual Budget Var $ Var % Operating Revenues 121,897 113,051 109,328 3,723 3.4% Operating Expenses 53,691 57,976 73,661 15,686 21.3% Income before Depreciation 68,207 55,075 35,666 19,409 54.4% Depreciation 34,473 36,496 38,458 1,961 5.1% Income after Depreciation 33,733 18,579 (2,791) 21,370 -765.6% 2 Portwide Year-End Forecast 2008 2009 2009 2009 Bud vs. Fcst ($ in thousands) Actual Forecast Budget Var $ Var % Operating Revenues 488,996 467,847 486,367 (18,520) -3.8% Operating Expenses 280,278 261,362 277,862 16,500 5.9% Income before Depreciation 208,719 206,485 208,506 (2,020) -1.0% Depreciation 144,208 157,036 157,036 - 0.0% Income after Depreciation 64,510 49,450 51,470 (2,020) -3.9% 3 Total Port 2009 Capital Spending Q1 Q2 Q3 Q4 YE App'd Plan of Division Act. Est. Est. Est. Fcst Budget Var. Finance ($ in millions) Aviation 31.7 46.4 83.9 55.1 217.1 214.7 -2.4 348.2 Seaport 18.8 25.2 6.7 11.2 61.9 100.4 38.5 126.7 Real Estate 0.4 96.5 3.3 3.8 104.1 105.2 1.1 116.3 Corporate 1.9 4.6 5.5 3.7 15.7 15.9 0.2 12.8 Total 52.7 172.7 99.4 73.8 398.7 436.1 37.4 604.0 4 Airport Q1 Operating Results 2007 YTD 2008 YTD 2009 YTD 2009 YTD Act/Budget Figures in $ 000's Actual Actual Actual Budget Var $ Var % Revenues Aeronautical 49,069 47,098 48,155 43,494 4,661 10.7% Public Parking 13,172 15,326 12,743 13,892 (1,149) -8.3% Rental Cars 7,022 8,420 7,978 6,931 1,047 15.1% Concessions 6,591 7,460 7,944 7,175 769 10.7% Other Non-airline 4,899 5,378 5,273 5,453 (181) -3.3% Total Non-Aeronautical 31,684 36,584 33,938 33,451 487 1.5% Other 2,423 2,178 2,128 2,176 (48) -2.2% Total Revenues 83,176 85,860 84,221 79,121 5,100 6.4% Expenses Airport Expenses 27,253 28,844 29,861 36,093 6,232 17.3% Corporate/CDD Expenses 5,716 6,818 7,633 8,000 367 4.6% Police Costs 3,392 3,637 3,048 3,936 888 22.6% Other Charges 318 260 315 433 117 27.1% Total Operating Expenses 36,679 39,559 40,858 48,461 7,604 15.7% Net Operating Income 46,497 46,301 43,363 30,659 12,704 41.4% 5 Airport Year-End Forecast 2007 2008 2009 2009 Forecast/Budget Figures in $000's Actual Actual Forecast Budget Var $ Var % Revenues Aeronautical 193,872 203,275 195,848 201,864 (6,016) -3.0% Non-aeronautical 143,975 150,528 138,979 148,289 (9,310) -6.3% Other 9,640 4,526 9,853 9,853 - 0.0% Total Revenues 347,487 358,329 344,680 360,006 (15,325) -4.3% Total O&M Costs 171,624 195,183 179,280 189,521 10,241 5.4% Net Operating Income 175,864 163,146 165,400 170,485 (5,085) -3.0% Capital Expenditures 298,387 209,813 217,183 214,743 (2,440) -1.1% Traffic Enplanements 15,662 16,085 14,959 15,800 (841) -5.3% Landed Weight 21,014 21,516 20,437 21,281 (844) -4.0% Key Measures Non-Aero NOI 87,714 86,474 81,366 86,393 (5,027) -5.8% Passenger Airline CPE 11.73 11.89 12.18 11.90 (0.28) -2.3% Total Operating Cost / Enpl 10.96 12.13 11.98 11.99 0.01 0.1% 6 Capital Budget Spending Fcst/Budget 2009 2009 2009 Plan of Figures in $ 000's YTD Actual Forecast Budget Var $ Var % Finance R/W 16L/34R Reconstruction 499 70,499 71,000 501 0.7% 82,715 Rental Car Facility 13,060 33,260 37,519 4,259 11.4% 117,200 100% Baggage Screening 5,460 10,960 18,000 7,040 39.1% 21,727 Third Runway Projects 3,657 14,514 17,281 2,767 16.0% 47,027 Other 8,993 87,950 70,943 (17,007) -24.0% 79,533 Total 31,669 217,183 214,743 (2,440) -1.1% 348,202 7 Seaport Q1 Operating Results In $ Thousands 2008 YTD 2009 YTD 2009 YTD 2009 Bud Var Actual Actual Budget $ % Operating Revenue 19,940 21,560 21,436 123 1% Environmental Grants 7,809 12 0 12 NA Security Grants (0) 152 1,267 (1,115) -88% Total Revenue 27,750 21,724 22,704 (980) -4% Direct Expenses 3,412 6,360 10,625 4,265 40% Security Expense 185 300 1,616 1,316 81% Environmental Reserve 0 0 0 0 NA Allocations 3,189 3,295 4,042 746 18% Total Expense 6,785 9,956 16,283 6,327 39% Net Operating Income (NOI) 20,964 11,768 6,421 5,347 83% NOI Excl Envir Grants/Reserve 13,155 11,757 6,421 5,335 83% Seaport Year-End Forecast In $ Thousands 2008 2009 2009 2009 Bud Var Actual Forecast Budget $ % Operating Revenue 85,453 87,234 90,131 (2,897) -3% Environmental Grants 8,833 850 850 0 0% Security Grants 850 3,955 3,955 0 0% Total Revenue 95,136 92,038 94,935 (2,897) -3% Direct Expenses 22,265 24,797 27,234 2,438 9% Security Expense 1,715 5,365 5,431 66 1% Environmental Reserve 5,872 3,375 3,375 0 0% Allocations 15,069 15,302 15,888 585 4% Total Expense 44,921 48,839 51,928 3,089 6% Net Operating Income (NOI) 50,215 43,199 43,007 192 0% NOI Excl Envir Grants/Reserve 47,254 45,724 45,532 192 0% Seaport Capital 2009 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $61.9 $100.4 $38.5 62% $126.7 10 Real Estate Q1 Operating Results In $ Thousands 2008 YTD 2009 YTD 2009 YTD 2009 Bud Var Actual Actual Budget $ % Operating Revenue 8,270 6,980 7,425 (444) -6% Environmental Grants 0 0 0 0 NA Total Revenue 8,270 6,980 7,425 (444) -6% Direct Expenses 6,978 6,433 7,946 1,513 19% Environmental Reserve 0 0 0 0 NA Allocations 252 367 629 262 42% Total Expense 7,230 6,800 8,575 1,775 21% Net Operating Income (NOI) 1,041 180 (1,150) 1,330 116% NOI Excl Envir Grants/Reserve 1,041 180 (1,150) 1,330 116% Real Estate Year-End Forecast In $ Thousands 2008 2009 2009 2009 Bud Var Actual Forecast Budget $ % Operating Revenue 34,875 30,705 30,961 (256) -1% Environmental Grants 1 150 150 0 0% Total Revenue 34,877 30,855 31,111 (256) -1% Direct Expenses 36,375 30,539 31,821 1,282 4% Environmental Reserve 604 1,125 1,125 0 0% Allocations 1,840 1,732 2,445 713 29% Total Expense 38,819 33,396 35,391 1,994 6% Net Operating Income (NOI) (3,943) (2,541) (4,279) 1,738 41% NOI Excl Envir Grants/Reserve (3,340) (1,566) (3,304) 1,738 53% Real Estate Capital 2009 Estimated Approved Variance Est. Act. Plan of Actual Budget to as % of Finance Budget App. Bud $104.1 $105.2 $1.1 99% $9.3 13 CDD Operating Results 2008 YTD 2009 YTD 2009 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Forecast Var. Capital Development Admin - 82 140 58 41.1% 554 339 215 Engineering 284 229 274 45 16.5% 1,351 1,295 56 Port Construction Services 363 252 335 82 24.6% 1,449 1,431 18 Central Procurement Office 22 671 376 (295) -78.4% 1,494 1,591 (97) Aviation PMG 177 135 191 56 29.3% 761 707 54 Seaport PMG 316 175 344 169 49.1% 1,400 780 620 Total Expenses 1,161 1,544 1,659 115 6.9% 7,010 6,144 866 2009 Q1 YTD Update 4 Corporate Operating Results 2008 YTD 2009 YTD 2009 Bud Var. Year-End Projections In $ Thousands Actual Actual Budget $ % Budget Forecast Var. Total Revenues 18 125 341 (216) -63.2% 1,470 1,470 - Executive 445 361 436 75 17.1% 1,540 1,449 92 Commission 236 209 280 71 25.3% 867 844 22 Legal 339 330 706 376 53.3% 2,703 2,638 66 Risk Services 706 627 718 91 12.6% 2,861 2,838 24 Health & Safety Services 264 219 254 35 13.7% 985 947 38 Public Affairs 747 850 1,118 267 23.9% 4,270 3,565 705 External Affairs 267 320 342 22 6.3% 1,347 1,249 98 Economic & Trade Development 234 283 509 226 44.4% 2,099 1,638 461 HR&D 935 864 1,065 201 18.9% 4,165 3,926 238 Labor Relations 141 160 181 21 11.5% 731 689 43 ICT 2,253 3,854 4,800 946 19.7% 19,658 18,404 1,253 Finance & Budget 395 376 415 39 9.5% 1,719 1,645 74 Accounting & Reporting Services 1,560 1,388 1,787 398 22.3% 6,541 6,253 288 Internal Audit 160 225 301 76 25.1% 1,211 1,136 75 Office of Social Responsibility 153 278 375 97 25.8% 1,647 1,401 246 Regional Transportation 84 98 126 28 22.3% 498 461 37 Police 4,505 3,927 5,219 1,292 24.8% 19,979 18,379 1,599 Contingency 258 13 188 174 93.0% 750 750 - Total Expenses 13,683 14,384 18,818 4,434 23.6% 73,572 68,212 5,359 15
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